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Modernizing Limassol: A Bold Vision For Urban Renewal

Limassol Mayor Yiannis Armeftis has unveiled an ambitious plan to revitalize the city center and coastal front. In a comprehensive proposal submitted to Interior Minister Constantinos Ioannou, the Mayor outlined projects that could reshape public spaces while fostering university, cultural, and environmental development.

Comprehensive Urban Redesign

The proposal calls for a holistic regeneration of critical urban arteries, including Aktaia Odos. As part of this initiative, the relocation of Karnagio—a key player in ship repair and maintenance amid rising demand across Cyprus’ marinas—is considered essential. The envisioned transformation aims to replace high-capacity road infrastructure with a pedestrian-friendly promenade that unifies the port and city centre, emphasizing public accessibility and sustainability.

Revitalizing Iconic Landmarks

The plan includes innovative re-purposing of significant state-owned properties. The Old Hospital site is slated to become a dynamic hub that integrates administrative functions with academic pursuits. At the same time, the central police station building may be transformed into a state-of-the-art conference centre. A 42,000-square-metre plot adjacent to these facilities is expected to transition into mixed-use developments, including a large urban square connecting the historic Water Tower with the Technical University of Cyprus.

Integrative Transportation And Sustainability Measures

In pursuit of a cleaner and more efficient urban landscape, the redeveloped coastal zone will prioritize pedestrian and public transport access, with innovative transit solutions under evaluation. Planned initiatives include a seabed and beach clean-up to ready the area for recreational use and a reassessment of traffic management, such as one-way systems along critical routes, to alleviate congestion.

Collaborative Initiatives And Future Prospects

Collaboration stands at the core of this transformation, with three major universities—the University of Cyprus, the Technical University of Cyprus, and Frederick University—poised to provide essential expertise in urban planning and spatial design. The design of a new coastal front will be determined via a competitive architectural process, ensuring that public spaces not only meet modern standards but also enrich the city’s cultural and historical identity.

Additional projects include the creation of an Information Centre at the revamped old GSO stadium and the launch of a Sports Museum in the multifunctional park, efforts aimed at showcasing the city’s commitment to innovation and heritage preservation. In the words of Mayor Armeftis, the overarching goal is to develop quality public spaces that elevate the urban experience for all citizens of Limassol.

Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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